Major players in the storage tank market are McDermott (US), CST Industries (US), PermianLide (US), Fox Tank Company (US), Highland Tank & Manufacturing Company Inc. (US), Superior Tank Co. Inc. (US), Ishii Iron Works Co.
New York, Sept. 08, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Storage Tank Global Market Report 2022” – https://www.reportlinker.com/p06318586/?utm_source=GNW
Ltd. (Japan), MEKRO Sp. z o.o. (Poland), Pfaudler (US), Toyo Kanetsu K.K., Snyder Industries Inc., Caldwell Tanks, Crom Corporation, Tank Connection, DN Tanks, Synalloy Corporation, Fiber Technology Corporation Inc., ZCL Composites Inc., Sintex Industries Limited, and Superior Tank Co. Inc.
The global storage tank market is expected to grow from $13.17 billion in 2021 to $14.01 billion in 2022 at a compound annual growth rate (CAGR) of 6.4%. The storage tank market is expected to grow to $16.82 billion in 2026 at a CAGR of 4.7%.
The storage tank market consists of sales of storage tanks by entities (organizations, sole traders, partnerships) that are tanks or containers that hold liquids, compressed gases, or mediums used for the short-or long-term storage of heat or cold. A particular tank can serve one or both purposes, depending on its location within the system and its type of configuration.
The main types of storage tanks are aboveground storage tanks and underground storage tanks.Aboveground storage tanks are vulnerable to pitting and crevice corrosion due to the pressure generated between the tank and the soil.
These include different materials such as steel, concrete, polyethylene, and other materials. These are used in the petroleum industry, chemical industry, grain and oil industry, food industry, and other applications.
North America was the largest region in the storage tank market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the storage tank market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The storage tank market research report is one of a series of new reports that provides storage tank market statistics, including storage tank industry global market size, regional shares, competitors with a storage tank market share, detailed storage tank market segments, market trends and opportunities, and any further data you may need to thrive in the storage tank industry. This storage tank market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Increasing water scarcity in several regions is the key factor driving the storage tank market going forward.Water scarcity limits access to safe water for drinking and for practising basic hygiene at home, in schools, and in healthcare facilities.
Storage tanks are used to store water and make it accessible for multiple uses, including drinking, irrigation, fire suppression, and others.For instance, according to the United Nations International Children’s Emergency Fund (UNICEF), a US-based agency, half of the world’s population could be living in areas facing water scarcity by as early as 2025.
By 2040, around 1 in 4 children worldwide will be living in areas of extremely high water stress. Therefore, increasing water scarcity in several regions is driving the storage tank market.
Product innovations are a key trend gaining popularity within the storage tank market.Companies operating in the storage tank market are developing new products to strengthen their position in the market.
For instance, in November 2020, Eddyfi Technologies, the world leader in advanced non-destructive testing solutions operating in storage tanks, launched its new FloormapX, a patented magnetic flux leakage array tank floor scanner. The tank floor scanner helps in ensuring the safety and integrity of storage tanks and prevents leakage and decontamination.
In November 2021, KKR, a leading global investment firm acquired Japanese chemical storage tank operator, Central Tank Terminal for an undisclosed amount.With the acquisition, KKR looks forward to working alongside CTT’s management team to enhance its business operations.
Japan-based Central Tank Terminal is a Japan-based company operating in tank storage.
The countries covered in the storage tank market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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